1. Gordon Gekko is released from prison after serving eight years in prison for insider trading and mail fraud. Gordon Gekko 's daughter Winne is in a relationship with Jacob Moore who is trying to raise money for a Fusion research project. Jacob who is known as Jake in the film is working for a financial institution called Keller Zabel and is the protégé of the managing director, Louis Zabel. Later on we find out that the companies stocks have started to crash and Zabel commits suicide.
Watergate was a scandal that President Nixon and the five burglars were secretive about and caused Americans to not trust the White House. The Watergate Scandal was the biggest scandal in America during this time. The Watergate Scandal all started on June 17, 1972 early in the morning. This scandal took place at the Watergate buildings that are located in Washington D.C. (History.com). This was only three years after Nixon became president and at this time he was running for his second term.
Emerging economies such as China foreseen slow projections of growth while European countries such as Ireland defaulted into bankruptcy entirely. In short, the banking sector as well as the general consumers have contributed to accumulating and transferring debt across the international market to the point wherein it became financially unsustainable. I was surprised with the inherent mismanagement of the banking corporations in dealing with a situation as such. It is concerning that after previous financial crises, companies continue to trade and loan in an irresponsible manner until such problems can no longer be mitigated. Furthermore, consumers should have also been responsible with their personal finances and refrain from applying for loans with high risk
In 2013, the Consumer Financial Protection Bureau (CFPB) which “is a regulatory agency responsible for overseeing financial products and services that are offered to consumers” (Consumer Finance Protection Bureau, 2013) sued Ocwen Financial Corporation for $2 billion dollars in fees and to refund $124 million to nearly 185,000 customers who in the past suffered the foreclosure their homes. “The Dodd-Frank Wall Street Reform and Consumer Protection Act, which protects consumers from unfair, deceptive, or abusive acts or practices by mortgage servicers” (Consumer Finance Protection Bureau, 2013) claimed that Ocwen Financial Corporation, not only took advantage of the borrowers, but also failed to apply their monthly mortgage payments into their accounts. The lack of proper training, customer service, and leadership brought the company to misinform property holders and failed to communicate effectively. The key problem was that numerous customers claimed that Ocwen Financial Corporation denied loan modifications and due to the economic situation at that time, they were not able to protect their homes from
Mr. Raju falsified the bank accounts to inflate the balance sheet with balances that did not exist. Mr. Raju also revealed that he created 6000 fake salary accounts over the past few years He also created fake customer identity The global head of Internal Audit illegally obtained loans of the company He planned to acquire a 51% stake of Maytas Infrastructure Ltd. He had 35% share in Maytas properties On December 16, 2008, the Satyam board, including its five independent directors had approved the founder’s proposal to buy the stake in Maytas Infrastructure and all of Maytas Properties, which were owned by family members of Satyam’s Chairman, Ramalinga Raju, as fully owned subsidiary for $1.6 billion. Without shareholder approval, the directors went ahead with the management’s decision. The World Bank banned Satyam from conducted business for 8 years due to inappropriate payments to staff As a result Investment bank DSP Merrill Lynch terminated its engagement with company soon after it found financial irregularities On Jan.7,2009 Raju resigned after notifying Board Members and SEBI that Satyam’s accounts had been falsified SATYAM’S SCAMS FRADULANT FIGURES Total amount of financial irregularities in
Analytic is the discovery and communication of meaningful patterns in data. It is used in areas rich with information and it also favors data visualization and communication. It also helps banking to improve their business and for better understanding of consumer behavior and responding to changes in customer tastes quicker. In this paper we focus on banking analytics which improves the product design and overall product optimization. By applying a new analytical tools and service delivery method, banks can convert the data into valuable information.
Suppose that bank lending is an important channel for monetary policy transmission, it is critical to ensure the stability of the banking sector due to its great repercussions on the economy as a whole. In such circumstances, ensuring the stability of the banking system is a crucial pre-condition towards economic stability. At the same time, it is also important to assess the distributional consequences of monetary policy on various economic sectors of the economy. Some economic sectors are more sensitive to changes in monetary policy variables (interest-sensitive sectors), while others are quite resilient to interest rate changes. Similarly, some economic agents are more sensitive to changes in monetary policy compared to others.
The social control of bank in India paves the way to a new consciousness in commercial banks behaviour. The operational behaviour of the commercial banking system needs to be adapted to the emerging economy of the country credits have to be fashioned to suit the development of national economy. Commercial banks therefore need to come out of the conservative fold with active stimulus provided by the central monetary authority in matters of bank
The economic downturns in year 1985 in the developed countries are affected by the U.S. high interest rate policy and it causes a large crumble of commodity trade in the world. Due to this, the export price index in Malaysia is affected by decreased by 30%. Economic downturn make the local commercial banks faced the highest non-performing loans which is 17.8% of the overall loans. Asia Financial Crisis in July 1997 was happened due to the floating of the Thai bath and it made the economics of Malaysia slightly raised doubt that it would perish to a Thai financial
KARACHI, Sept 15: The Security and Exchange Commission of Pakistan (SECP) in its final report held the main sponsors of the Crescent Standard Investment Bank (CSIBL) responsible for the loss caused to the stakeholders and depositors and said the bank’s license should be cancelled. As CSIBL had already paid to Altaf Saleem and Anjum Saleem their principal amount of Rs95.04 million as well as mark-up (on April 10, 2006), therefore, payment against personal running finance facilities of Rs100 million tantamount to embezzlement of funds of CSIBL,” The equity of the bank had been eroded to the tune of Rs2.082 billion (in negative) as of August 26, 2006. “So it does not have the minimum regulatory equity of Rs300 million as required for the business of investment finance services, and Rs200 million as required for the business of leasing,” Inshort, institutional depositors complained about the bank that it was not able to meet their outstanding liabilities. The depositors were: Sialkot International Airport Rs555.57